ABOUT US

Flacks Group is a private investment company with global investments. With over 30 years of experience dealing with multi-nationals, conglomerates and private equity who are looking to exit special situations with midsize companies and real estate.

ACQUISITION CRITERIA

The Flacks Group is interested in both “value-added” opportunities and distressed positions. The Flacks Group is wanting to aquire assets in major cities of the USA, UK and Germany. We also consider other opportunities in major global cities

Desired Asset Types:

Office Buildings:

Minimum 100,000 sq. ft. ++

Industrial/ Warehouse: minimum 100,000 sq. ft ++

Retail: Downtown and ‘neighborhood’ retail space in major metropolitan areas.

Ogro Acquisition

DLA Piper has advised Flacks Group on the acquisition of Dorma Beschlagtechnik GmbH, part of the dormakaba Group, one of the top three companies in the global market for access and security solutions. Dorma Beschlagstechnik's line of business concerns the manufacturing of door fittings made of metal and similar materials.
The Flacks Group, headquartered in Miami, Florida, intends to reposition Dorma Beschlagtechnik in the market outside of the dormakaba Group. This includes the takeover of the production and the office location in Velbert (North-Rhine/Westphalia) as well as of all employees of the company.
The Flacks Group specializes in the acquisition and the development of special situations. Through the introduction of expansion capital and additional management expertise, investment companies are repositioned in the market and set up for sustainable growth in close coordination with employees and customers. DLA Piper previously advised Flacks Group in January 2017 on the acquisition of Fürstenberg Holz.
The DLA Piper team was led by partner Dr Dietmar Schulz and consisted of senior associate Tom Braegelmann, associate Katharina Alessandra Plass (all Restructuring), counsel Dr Christoph Imschweiler (Tax), senior associates Dr Constanze Linnebach (IPT), Johanna Leitzke-Schmid (Real Estate, all Munich) and Dr Jan-Philipp Meier (Corporate, Hamburg), as well as associate Philipp Moser (Real Estate, Munich).

Ogro Acquisition

CLAIRFIELD ADVISES DORMAKABA GROUP ON THE DIVESTMENT OF DORMA BESCHLAGTECHNIK GMBH -
Dormakaba Group, a provider of secure access systems for buildings and interiors, has divested its subsidiary Dorma Beschlagtechnik GmbH (“DBT”), a manufacturer of premium door fittings, to Flacks Group, a private investment group based in Miami, USA.
DBT played a key role in broadening the product range of the Dorma group. Following the merger between Dorma and Kaba, DBT become a non-core business for Dormakaba.
Flacks Group intends to implement an international expansion strategy for DBT, which will reassume its previous brand OGRO. It will retain the production location in Velbert, Germany, as well as all employees. DBT has just under 100 employees and achieved revenues of approximately EUR 12 million in 2016/17.
Dieter Sichelschmidt, COO of the business segment Access Solution DACH (Germany, Austria, Switzerland) stated: “The selection of the best purchaser of DBT was governed by two main conditions: first and foremost that all employees should continue with the company, and secondly, that the purchaser should drive a strategy that safeguards the business in Velbert in the future. We are happy to have found such a buyer in Flacks Group, who has proven to maintain these values in past investments, and already mapped out plans to make DBT sustainable in the long term.”
Clairfield International in Germany acted as exclusive financial advisor to Dormakaba.

Three pending deals

Flacks Group, a Miami-based private investor, is in talks with three targets in Germany that it is looking to acquire this year, Chief Executive Officer Michael Flacks said.
It is primarily interested in industrial companies and is targeting firms with revenue between EUR 150m – EUR 200m, Flacks said. It is talking with specialists in the construction, injection moulding and automotive machinery sectors, he said.
It has a minimum of EUR 50m equity available for individual buys and is particularly focused on growth in Germany and in the UK, Flacks said.
In the UK, Flacks Group is focusing on mid-market industrials firms with revenue between EUR 50m – EUR 150m, he said.
The investment firm only acquires 100% stake in firms and specialises in carve outs and divestitures from multinational companies, he said.
Flacks Group intends to reach EUR 300m in revenue by the end of the year, targeting EUR 10m EBITDA in 2017, he said.
As in past deals, Flacks is working together with advisers Livingstone and DLA Piper, he said. It is not planning any exits at this stage while it is focused on the investment drive, he added.
Flacks Group bid for German fashion retailer Rene Lezard a second time in May, following a complicated insolvency process, as reported. It is doubtful this will go ahead now due to the extent of challenges the retailer faces, Flacks said.
Flacks bought security door opening firm Dorma Beschlagtechnik from Swiss-based security and access solutions provider Dormakaba Holding [SWX:DOKA] last week (July 6) for an undisclosed amount, according to press reports.
The metal fittings firm, based in Velbert near Duesseldorf, generated revenue of around EUR 12m in FY 2016/17 with approximately 100 employees.
The company intends to launch an international growth strategy for Dorma Beschlagtechnik under its former name Ogro, Flacks said. Its products are distributed internationally from buildings such as the German Reichstag to Dubai hotels, he said.
Ogro intends to set up distribution agreements in the US and to sell into Singapore and China, as well as building on established clients in Asia and the Middle East, in particular Saudi Arabia, which is a booming market for the business, Flacks said.
Flacks Group is also active in Spain, particularly in the Basque region, and in Poland, where it is building a new facility for its packaging business Fuerstenberg Holz, Flacks said.
Flacks Group normally competes with Chinese investors, particularly financial sponsors, Flacks said.
The private investment firm has also increased its portfolio of real estate, investing in freehold in Germany, including hotels, office buildings and warehouse logistics properties, he said. It will reach a head count of more than 2000 people this year, he said.

Ogro Acquisition

dormakaba Holding AG (Dormakaba Group), the Switzerland-based provider of security and access solutions, has agreed to sell its metal fittings business Dorma Beschlagtechnik GmbH based in Velbert, Germany, to the Miami, Florida-based private investment firm Flacks Group, a German-language press announcement said.
The parties have agreed not to disclose the purchase price.
The business achieved revenues of about EUR 12m in the FY 2016/17 with about 100 employees.
The new shareholder intends to launch an international growth strategy for Dorma Beschlagtechnik under its former name Ogro.

Fürstenberg Acquisition

DLA Piper has advised Flacks Group on the acquisition of the industrial packaging business unit of Holzindustrie Fürst zu Fürstenberg GmbH & Co. KG. The company was acquired by Industrial European Wood Products Holding GmbH, a subsidiary of Flacks Group. The relevant documents were signed on 16 January. The sale also includes subsidiaries in Poland and Spain. The parties agreed to keep the purchase price confidential.
The Flacks Group specializes in the acquisition and the development of small and medium-sized enterprises. Through the introduction of expansion capital and additional management expertise, investment companies are repositioned in the market and set up for sustainable growth in close coordination with employees and customers.
The Holzindustrie Fürst zu Fürstenberg GmbH & Co. KG has been present at Hüfingen for almost 100 years and is a leading manufacturer of wood packaging for the automotive industry, machine- and plant construction.
The DLA Piper team was led by partner Dr Dietmar Schulz (Restructuring) and consisted of partner Claus Jochimsen-von Gfug, senior associates Dr Tim Zinowsky (both Tax, all Munich) and Dr Jan Philipp Meier (Corporate, Hamburg) as well as associate Katharina Alessandra Plass (Restructuring, Munich). In Poland, the team was supported by counsels Anna Wietrzynska-Ciolkowska (Corporate), Bartosz Matusik (Tax), Michal Pietuszko (Real Estate) and associate Rafal Burda (Corporate).

Rene Lezard Acquisition

Flacks Group to put in repeat offer for insolvent Rene Lezard; Livingstone, DLA Piper advising:
Flacks Group, a growth equity investor based in Miami, will bid for German fashion retailer Rene Lezard a second time, several sources close to the situation said.
Flacks is being advised by Livingstone and DLA Piper in the process, the sources said.
In order to promote growth, Flacks intends to focus on Rene Lezard’s internationalisation and digitisation as well as brand extensions, should it succeed in its bid, the first source said. It would look to grow the firm in the all major cities in the US, followed by the UK and continental Europe, and latterly China, he added.
Rene Lezard is owned by two individuals: founder Thomas Schaefer, who owns 75% while CEO Heinz Hackl owns the remaining 25%, the first two sources said.
Flacks Group is focused on real estate and industrials across the US and Germany, but is aiming to channel its efforts more towards the German fashion market in the future, the first source said. This could include a variety of men and women’s fashion and accessories brands, the second source said.
Flacks Group has more than EUR 50m available equity for acquisitions from private money, the first source said.
The German offline fashion market has been slow to adapt to the digital transformation of the sector, despite having much potential as brands, the first source said. In addition, retail bonds have been falling rapidly in value and have resulted in business going into liquidation, he said.
After Apollo-backed [NYSE:APO] Alteri Investors lost confidence and dropped out of the bidding lineup for Rene Lezard last November, Michael Flacks of Flacks Group put in an offer, it was confirmed.
Its main financial liability is resulting from bond issuance of EUR 15m; an interest payment due in November 2016 was postponed, as previously reported by Mergermarket. Lezard is expected to report a loss of EUR 2.6m in the 2015-16 financial year from turnover of EUR 44.6m, as reported.
Flacks's offer was subsequently rejected in January as Rene Lezard hoped to sort out the business on its own terms, the first and second source said. Competition for a rival bid now is limited as private equity houses tend to look at larger brands, the first source said.
CEO Michael Flacks has a background in clothing, originally from Manchester in the UK. Flacks Group was invested in Irish firm A-Wear for around 10 years, the first source said.
Its most recent acquisition was of German wood packaging firm Fuerstenberg Holz in January. The business generates around EUR 150m per year from business in Germany, the first source said. The investor was again advised by Livingstone on this transaction, the second source said.
Flacks Group was founded in 1993 and has a team of 12 people in Miami, London and in Germany.
Livingstone, DLA Piper and Flacks Group declined to comment.
by Emma-Victoria Farr in London

Ciudad Airport Acquisition

The Flacks Group, based in Luxembourg, has deposited 28 million to opt to stay with the aerodrome in disuse -
A British business magnate is working to buy Ciudad Real's 'ghost airport'. Michael Aubrey Flacks, managing director of Flacks Group, is the only one of the seven suitors that has deposited the necessary 28 million euros –that is, 70% of the installation's worth- to participate in the bid. The other six aspirants, up to now, have failed to do so.
On Monday, seven natural and legal persons sent offers to the Court of First Instance and Instruction Number 4 and the Mercantile Register of Ciudad Real. Among these, Flacks Group is one of the more serious bidders, state sources close to the process.
"Not just because it has already made the payment, given that there is still time, but because it has already bought airports in other places", elaborate the same sources. The investor is the owner of the Cottbus Drewitz airport in Berlin, Germany, which he netted in May 2014 for 875,000 euros. The company is looking to use it in order to create a logistic and industrial hub.
Positions:
Ciudad Real Airport would be the group's second aeronautical property, whose portfolio is also presenting residential projects in Germany. Germany is, in fact, the "principal objective" both for the group and for offices in Miami, USA.
The company belonging to Flacks, who resides in the Boulevard d'Italie in Montecarlo, Monaco, is based in Luxembourg. Since its installment in the principality, it has only presented anual accounts for the 2010 fiscal year, in which no financial movements are reflected.
Katharina von Randow manages the company, a lawyer at the law firm Randow & Hohn Rechtsanwälte & Partner de Bonn, Germany.
Future:
Although Flack Group has put down a strong bid, the process to determine the new owner of the airport –which cost the taxpayer 1,000 million euros without properly taking off– will be long. Envelopes will be opened next week, and proposals will be sent to the mercantile administrators to be evaluated.
It should be remembered that Ciudad Real Central Airport entered into administration in 2009. In July, Chinese group Tzaneen International offered 10,000 euros for the airport's land; an offer that caused pandemonium both in Spain and abroad. Now, several companies have exceeded this offer and will be presenting more viable economic conditions, state close sources.

Cottbus Airport Acquisition

Property magnate buys airport for £1 million
A property entrepreneur from Prestwich has bought an airport in Berlin.
Michael Flacks, who runs Flacks Group, snapped up Cottbus Drewitz, an airfield based 50-miles east of the German capital, for £1 million.
The airport was used to train the German Air Force during the Second World War and by Russia up until the end of the Cold War.
But it has since been run by local authorities as a military training base.
Flacks, a former King David School pupil, says Cottbus Drewitz will now become a maintenance and repair centre for planes and more than 200 jobs will be created over the next five to 10 years at the site.
The 46-year-old said the 1,000 acre site will offer emergency landing and refuelling facilities.
He also said talks with large aviation companies, who want to use the centre as a stronghold, are ongoing.
The successful firms will become partners to Flacks Group and build both industrial and commercial buildings on it.
Flacks, who lives in Monaco with his wife Debbie, and also has homes in Hale and Miami, said: “This is a once in a lifetime opportunity and I think we’ve bought it well after three years of negotiating with all different levels of the German government. We are the landlord and are not going to be repairing planes. The aviation companies will partner with us, come on and develop.
“This project will create more than 200 jobs.
“And we are looking at it as a five to 10-year project.
“From an agricultural point of view alone, we think it is worth around £20m. There is lots of land – we can have cattle grazing there.”
Flacks said the deal has been secured at an interesting time.
“Two of Berlin’s airports will close in the next couple of years as a huge airport being built at the moment opens,” he said. “So this will be Berlin’s second airport.
“There used to be around 40 airports like this in Eastern Germany but they are all closed now. So it’s strange how this has lasted and stranger that a British company has ended up buying it.”
He added: “We are also the only airport in Germany that has 24 hour landing and take-off seven-days-a-week. That’s because it is in the middle of nowhere and near the Polish border.
“It really is exciting. This place has no sound restrictions. We have all the planning permission which is very rare. We can even remove trees and we can take any size of plane.”
Flacks Group, which employs 200 people, buy and sell distressed businesses and turn them around. The company bought the Accrington Arndale in 2012 and also owns a large shopping centre and more than 2,000 apartments in Berlin.
The firm is also building 400 homes in Orlando at the moment
Flacks has in the past tried unsuccessfully to buy retailers What Everyone Wants, Bonmarche and Beetham Tower.

Berlin Airport Acquisition

Take off for Flacks Group Airport Plans - The Luxembourg-based global investment group Flacks has paid £1m for a neglected German airfield it hopes to transform into an “emergency airport” and cargo hub. Cottbus Drewitz airfield is 50 miles east of Berlin and, because of its remote location, has no restrictions on round-the-clock landings and take-offs. Used as a training base by the Luftwaffe during the Second World War it then passed to the Russian air force as an East German fighter station throughout the Cold War.
Now the Flacks Group has a ten-year vision of transforming the airfield, until recently used as a military training facility, into an aircraft maintenance and repair centre. It also wants to exploit the land around the edge of the 1,000-acre site and is planning a commercial development comprising industrial and logistics property.
“This is a once in a lifetime opportunity and we’ve bought it after three years of negotiating with all different levels of the German government,” said company boss Michael Flacks, who explained the deal had come at an interesting time.
“Two of Berlin’s airports will close in the next couple of years as a huge new airport being built at the moment opens. In effect, Cottbus Drewitz will be Berlin’s second airport,” adds the 46-year-old British-born entrepreneur who now lives in Monaco. “There used to be around 40 airports like this in Eastern Germany, but they are all now closed.”
As agricultural land the site has been valued at around £20m. Flack, however, wants to develop it as his company’s first aviation investment. He is already talking to a number of large airlines and companies within the sector who want to use the airport as a European base.
“The potential is exciting and limitless,” added Flack. “This place has no sound restrictions. We have all the planning permissions we need, which is very rare. And we can even remove trees and we can take any size of plane.”
Another suggestion he has made to the German transport authorities is the use of Cottbus Drewitz as an emergency diversion airport. “We are also the only airport in Germany that has 24 hour landing and take-off seven-days-a-week. That’s because it is in the middle of nowhere and near the Polish border,” he said.
The Flacks Group — which employs 200 people across its Luxembourg, London, and Munich and Miami offices— specialises in the acquisition of distressed businesses and commercial premises. The company bought the Accrington Arndale shopping centre in 2012 and also owns a large retail complex and more than 2,000 residential apartments in Berlin. It is currently building 400 homes in Orlando, Florida.
Among its unsuccessful ambitions were the takeover of the retailers What Everyone Wants, and Bonmarche and the purchase of Manchester’s 47-storey Beetham Tower.

Clerys Acquisition

Number of buyers are tracking Clerys store - A number of buyers are understood to be interested in buying Clerys -- one of the country's most iconic department stores.
Several retail rescue specialists are believed to be involved in "behind the scenes talks" on the possible acquisition of the landmark department store.
The company refinanced around €20m in debt in February but the store continues to fight an uphill battle against depressed consumer spending and plummeting sales.
Among those known to have made an approach are Monte Carlo-based property tycoon Michael Flacks and business restructuring specialists Hilco.
The Michael Flacks Group, which specialises in buying distressed property businesses, recently bought Awear from Hilco. Weekend reports suggested that the Michael Flacks Group was also interested in buying Arnotts, but it is understood that the group has not made any approach to the banks that hold a significant share in the property.
The impact of Ireland's four-year economic whirlwind has hit all retailers in the country.
The most recent accounts for Clery & Co (1941) show that overall gross sales at the group, including those from in-store concessions, fell 8.5pc to €46.9m in the year to the end of January 2011.
The group's overall loss for this financial year widened to just over €2m from €1.87m a year earlier, with the retailer's gross profit of €10.9m obliterated by overheads and loan interest repayments.
Clerys, which was one of the world's first purpose-built department stores when it opened in 1853, also operates home furnishing stores in Leopardstown and Blanchardstown in Dublin, and in Naas, Co Kildare.
The company has been controlled by the Guiney family for the past 70 years. Denis Guiney bought it out of receivership in 1941.
Clerys borrowed heavily during the boom to undertake a major €25m upgrade of the O'Connell Street store.
Clerys has already cut working hours for its more than 200 directly-employed staff by 15pc to reflect the poor trading environment.
Operating expenses were cut by 13.3pc, or €1.87m, in 2010.
The company was obliged last year to enter negotiations with its lender, Bank of Ireland, to secure ongoing working capital, as well as capital to fund its operational changes. The retailer completed the refinancing of its debts in February.

Interview with Michael Flacks

Olhausen Meat Acquisition

Ulster Bank spurns €1m bid to save 160 Olhausen jobs - Ulster Bank turned down a €1m rescue offer for sausage-maker Olhausen a day before the business was shut down with all the jobs lost, the Irish Independent has learned.
Receivers said last night that they had not been aware of the offer before they took the decision to shut Olhausen with the loss of 160 jobs.
The offer, from turnaround specialist Michael Flacks, was rejected by Ulster Bank, which opted to appoint receivers to take control of the business late on Tuesday.
News of the potential rescue, which might have saved the company and jobs in Dublin and Monaghan, is certain to provoke an outcry, not least among the devastated workers and suppliers who will suffer as a result of the closure.
Mr Flacks told this newspaper that he had offered to take control of Olhausen with a €1m offer to buy €8m in loans held by Ulster Bank. He said he was stunned when he heard that Olhausen has ceased trading.
"I don't understand why they let a good business die," he said.
Mr Flacks said he would have invested a further €2.5m into the business, had he gained control of Olhausen. The company's products and heritage made it a perfect fit for expansion into the US market as a specialist brand.
The pork producer was a "gem in the making" he said.
Born in Britain, Mr Flacks specialises in buying companies that are in financial difficulties. He bought the fashion chain A Wear earlier this year and was among the bidders circling the Clerys Department store before it was sold to a US investor last month.

Arnotts Acquisition

Arnotts snubs €100m Kuwaiti wealth fund - A/Wear owner 'brought two bids to table' for iconic Dublin store
Arnotts' bankers knocked back a bid from Kuwait's prestigious national sovereign wealth fund, according to A/Wear owner Michael Flacks.
The Kuwait Investment Authority (KIA) offer was one of two which Flacks said he brought to the table in a bid for the iconic department store. The other was on behalf of an American investment bank, which Flacks wouldn't name.
Both the KIA and the US investment house gave commitment letters offering between €75m and €100m "to buy the buildings and the business," Flacks said. "We've shown the money, both times we were refused," he said. "They think they can do better, even though they're not making enough money," he added.
Monaco-based Flacks led the group of international investors that bought A/Wear at the start of this year. He has spearheaded bids on retail groups Bon Marche and outdoor specialist Blacks Leisure and said that his Flacks Group owns retail and commercial sites and apartments in Germany.
"We're still looking at Arnotts, but they don't want to do anything... they have no interest in selling it," Flacks continued.
Arnotts chief executive Nigel Blow said he was unaware of any offer made to the banks, and has previously stated that the business is profitable.
IBRC and Ulster Bank, which jointly control Arnotts due to the €315m debt owed to them by the group, declined to comment, with Ulster Bank saying it doesn't comment on individual customers.
Worth close to €250bn in assets, the Kuwait Investment Authority is one of the Middle East's largest and oldest sovereign wealth funds, established by its ruling royal family in the Fifties to reinvest the country's oil wealth.
Middle Eastern sovereign wealth funds have shown an increased interest in prestigious retail assets in recent years, with the Qatari royal family's fund, Qatar Holdings, buying Harrods for €2bn. Earlier this year Flacks declared an interest in buying Clerys but is not thought to have been one of its final bidders for the O'Connell Street store.
The Manchester businessman, at one time a next door neighbour of Top Shop billionaire Philip Green in Monaco, has been linked to a deal to buy a shopping complex called the Accrington Arndale Centre in north west England put on the market by UBS Wealth Management.
Flacks' consortium bought the 32-store A/Wear chain out of receivership and is running it as a going concern with plans for expansion.
His €1m bid plus €2.5m cash commitment offer for 60 per cent of the Olhausen's sausage company was unsuccessful last week.
Arnotts' management has maintained that they are not seeking a buyer for the business and a multimillion investment project is under way.
Sunday Indo Business

Accrington Centre Acquisition

Flacks Group invests in retail - Property entrepreneur Michael Flacks has led a group of international investors who have bought an Irish fashion chain and today said he has agreed a deal to acquire a shopping complex in the north west. Mr Flacks, who is from Manchester and is now based in Monaco, said he has reached agreement to buy the Accrington Arndale Centre, which was put on the market last year by UBS Wealth Management. Property entrepreneur Michael Flacks has led a group of international investors who have bought an Irish fashion chain and today said he has agreed a deal to acquire a shopping complex in the north west.
Mr Flacks, who is from Manchester and is now based in Monaco, said he has reached agreement to buy the Accrington Arndale Centre, which was put on the market last year by UBS Wealth Management
His business, Flacks Group, has also completed a deal to buy A|wear, (correct), a chain of 32 stores in Ireland which was in receivership.
The buyout saves 460 jobs across the Republic.
Mr Flacks said: “I have been highly impressed by the strength of the A|wear brand, its excellent standing as a leading fashion retailer in this market and its potential for future growth.
“My colleagues and I are here to develop and grow this business, not shrink it. A|wear has been operating in a challenging trading environment and needs investment and a new strategic direction.

A-Wear Acquisition

IMAP advised Flacks Group on the acquisition of A|wear from retail restructuring group Hilco. The transaction protected the jobs of the 460 full and part-time staff in the 32 A|wear stores in the Republic of Ireland, securing the long term viability of the A|wear business.

A-Wear Acquisition

460 jobs saved as A-Wear bought - The move secures the long-term viability of the business and protects the positions of its 460 permanent and temporary employees.
The former Brown Thomas-owned company — which operates 32 stores in the Republic — went into receivership on Wednesday evening, with Jim Luby of McStay Luby being appointed receiver, by the firm’s most recent owners, British investment firm, Hilco. However yesterday Mr Luby reached agreement to sell the A-Wear business to a group of international investors, led by British businessman Michael Flacks of the Flacks Group, which specialises in the purchase of distressed assets.
All A-Wear stores will remain open for business and will continue to trade as normal; with the company’s suppliers — most of whom are based in the Far East — set to be contacted over the coming days.
In a statement, Michael Flacks said he had been “highly impressed” by the strength of the A-Wear brand.
The chain’s shops will remain open as normal while the takeover led by a British businessman is finalised.
In a statement, the company said the move would protect the jobs of 460 full and part-time staff in 32 stores.

What Everyone Wants Acquisition

£5 Million retail mission - Entrepreneur has discount chains in sight. A flamboyant Manchester businessman has returned from his home Monaco to make a £5m cash bid for what he really really wants - the troubled Scottish discount chain What Everyone Wants. Michael Flacks, 35, who is staying with family in Prestwich, says he started working at the age of 16, and is a self made millionaire. Now he has an burning desire to buy the Glagow based clothing firm and save more than 2.000 jobs which are on the line at its 130 shops across UK, that have a turnover of about £95m.

What Everyone Wants Acquisition

Tycoon in multi million bid for debt-hit store - A self-made millionaire has launched a bid to rescue troubled discount retail chain What Everyone Wants. Monaco-based Michael Flacks used to supply clothing to the 130 stores and now sais he hopes to take "the opportunity of a lifetime" to buy the chain and save thousands of jobs. Parent company Tradegro put What Everyone Wants into receivership two weeks ago threatening 2500 jobs, 750 of which are in Scotland. Mr. Flacks insists his plans to buy the chain are genuine and has promised not to lay off any staff he is successful in his negotiations with administors Ernst & Young who are handling the sale.

CAREER

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